60 latest MGT101 quizzs

MGT101 : LATEST 60 Quizzs

Sunday, 28 November 2010 19:27

MGT101 : FINANCIAL ACCOUNTING

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Shared and solved by P@r!shy

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Question # 1 of 15 ( Start time: 05:38:27 PM ) Total Marks: 1
Which of the following is / are the particular/s of a cash book? (1) Date of transaction (2) Account title (3) Amount
Select correct option:
1 only
1 & 2 only
1 & 3 only
1, 2 & 3

Question # 2 of 15 ( Start time: 05:38:51 PM ) Total Marks: 1
The total of all costs incurred to convert raw material into finished goods is known as:
Select correct option:
Prime cost
Conversion cost
Sunk cost
Opportunity cost

Question # 3 of 15 ( Start time: 05:39:09 PM ) Total Marks: 1
Amount generated from sales in a business is called:
Select correct option:
Income
Net Income
Gross Profit
Operating profit

Question # 4 of 15 ( Start time: 05:39:57 PM ) Total Marks: 1
Cost of goods manufactured - opening work in process + ending work in process =?
Select correct option:
Cost of goods sold
Prime cost
Conversion cost
Total factory cost

Question # 5 of 15 ( Start time: 05:41:10 PM ) Total Marks: 1
Which of the following is the example of current liability?
Select correct option:
Notes payable
Notes receivable
Accounts receivable
Prepaid expenses

Question # 6 of 15 ( Start time: 05:41:27 PM ) Total Marks: 1
What will be debited, if business sold goods for Rs.10, 000 on credit?
Select correct option:
Cash account
Sales account
Accounts receivable account
Purchases account

Question # 7 of 15 ( Start time: 05:42:01 PM ) Total Marks: 1
Which of the following particular is NOT included in journal voucher?
Select correct option:
Name of organization
Bank receipt number
Debit amount
Credit amount

Question # 8 of 15 ( Start time: 05:42:25 PM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
Select correct option:
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000

Question # 9 of 15 ( Start time: 05:43:03 PM ) Total Marks: 1
What would conversion costs if costs of raw materials, direct labor costs, and manufacturing overhead costs Rs.80,000, Rs.50,000, and Rs.60,000, respectively?
Select correct option:
Rs.130, 000
Rs.110, 000
Rs.140, 000
Rs.190, 000

Question # 10 of 15 ( Start time: 05:43:40 PM ) Total Marks: 1
The main purpose of _________ is to ascertain true result of the business operation during particular period of time.
Select correct option:
Cost Accounting
Financial Accounting
Managerial Accounting
Tax Accounting

Question # 11 of 15 ( Start time: 05:44:26 PM ) Total Marks: 1
If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will be net result?
Select correct option:
Rs. 5,000 Losses
Rs.10, 000 Profits
Rs 1, 95,000 Profits
Rs 1, 95,000 Losses

Question # 12 of 15 ( Start time: 05:45:12 PM ) Total Marks: 1
What is the next step to Journalizing in Accounting cycle?
Select correct option:
Recording
Posting
Balancing
Analyzing

Question # 13 of 15 ( Start time: 05:45:32 PM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets 99,500 Owner's equity 50,500 Liabilities ?
Select correct option:
Rs. 49,000
Rs. 55,000
Rs. 125,000
Rs. 115,700

Question # 14 of 15 ( Start time: 05:46:07 PM ) Total Marks: 1
Net Profit = Income - _____________
Select correct option:
Liabilities
Assets
Expenses
Capital

Question # 15 of 15 ( Start time: 05:46:39 PM ) Total Marks: 1
Depreciation arises because of:
Select correct option:
Fall in the market value of an asset
Fall in the value of money
Physical wear and tear
All of the given options

Question # 1 of 15 ( Start time: 05:53:02 PM ) Total Marks: 1
Which of the following account balance/s is/are shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)
Select correct option:
Capital account
Sundry creditors account
Accounts payable account
All of the given options

Question # 2 of 15 ( Start time: 05:53:47 PM ) Total Marks: 1
In case of Income and Expenditure account, Excess of income over expenses in a specified accounting period is called:
Select correct option:
Profit
Loss
Surplus
Deficit

Question # 3 of 15 ( Start time: 05:54:58 PM ) Total Marks: 1
Which of the following Organization converts raw material into finished goods?
Select correct option:
Trading concern
Manufacturing concern
Merchandising concern
Service concern

When total liabilities are subtracted from total assets the remaining amount is known as:
Select correct option:
Equity or net assets
Net income or net loss
Total expenses
Total revenue

Question # 5 of 15 ( Start time: 05:56:21 PM ) Total Marks: 1
Which one of the following is INCORRECT about closing Stock?
Select correct option:
It is added into current assets
It is deducted from Material available for use
It becomes opening stock of next year
It reduces the resources of business

Question # 6 of 15 ( Start time: 05:56:55 PM ) Total Marks: 1
Budget is a plan of income, expenses & other financial operations for:
Select correct option:
Current period
Future period
Past period
None of the given options

Question # 7 of 15 ( Start time: 05:57:33 PM ) Total Marks: 1
Find out the missing value of an Accounting Equation with the help of given data: Cash Rs.100, 000 Debtors Rs.10, 000 Other Assets Rs. 1,000 Owner’s equity Rs. 1, 000 Liabilities ?
Select correct option:
Rs. 12,000
Rs. 11,000
Rs. 110,000
Rs. 111,000

Question # 8 of 15 ( Start time: 05:58:42 PM ) Total Marks: 1
Which of the following account summarizes the profitability of business for a specific accounting period?
Select correct option:
Profit & Loss account
Cash flow statement
Receipt & Payment account
Balance Sheet

Question # 9 of 15 ( Start time: 05:59:12 PM ) Total Marks: 1
Which of the following asset is NOT depreciated?
Select correct option:
Factory Buildings
Office Equipment
Plant & Machinery
Land

What will be debited, if Mohsin commenced business with cash?
Select correct option:
Cash account
Capital account
Drawings account
Proprietor account

Question # 11 of 15 ( Start time: 06:00:17 PM ) Total Marks: 1
Which of the following is Not a part of General Ledger?
Select correct option:
Activity Book
Purchase Return Book
Purchase Book
Sales Book

Question # 12 of 15 ( Start time: 06:00:53 PM ) Total Marks: 1
Debit signifies:
Select correct option:
Increase in Asset account
Decrease in liability account
Decrease in capital account
All of the given options

Question # 13 of 15 ( Start time: 06:01:24 PM ) Total Marks: 1
Under the diminishing balance method, depreciation is calculated on:
Select correct option:
The original cost
The scrap value
Book value
Both original cost and Scrap value

Question # 14 of 15 ( Start time: 06:01:57 PM ) Total Marks: 1
The amount charged to depreciation goes on declining in:
Select correct option:
Depreciation fixed method
Annuity method
Written-down value method
Straight line depreciation method

Question # 15 of 15 ( Start time: 06:02:54 PM ) Total Marks: 1
Which of the following is NOT correct?
Select correct option:
Decrease in Assets will be debit
Decrease in Liabilities will be debit
Decrease in Expenses will be credit
Decrease in Revenue will be debit

Question # 1 of 15 ( Start time: 06:18:38 PM ) Total Marks: 1
What will be the effect on accounting equation if cash is received from a tenant as office rent?
Select correct option:
Increase cash and decrease equity
Increase cash and increase equity
Decrease cash and increase equity
Decrease cash and increase dividends

Question # 2 of 15 ( Start time: 06:19:35 PM ) Total Marks: 1
Which one of the following is INCORRECT about closing Stock?
Select correct option:
It is added into current assets
It is deducted from Material available for use
It becomes opening stock of next year
It reduces the resources of business

Question # 3 of 15 ( Start time: 06:20:07 PM ) Total Marks: 1
Which of the following is a FIRST product of accounting cycle?
Select correct option:
Voucher
General Journal
General Ledger
Financial Statements

Question # 4 of 15 ( Start time: 06:20:37 PM ) Total Marks: 1
If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will gross profit?
Select correct option:
Rs. 5,000
Rs. 95,000
Rs. 1, 00,000
Rs.1, 05,000

Question # 5 of 15 ( Start time: 06:21:21 PM ) Total Marks: 1
Which of the following are recorded in Cash Book?
Select correct option:
Receipts and payments
Profits and losses
Assets and liabilities
Capital and Expenditures

Question # 6 of 15 ( Start time: 06:21:52 PM ) Total Marks: 1
Net Profit = Income - _____________
Select correct option:
Liabilities
Assets
Expenses
Capital

Question # 7 of 15 ( Start time: 06:22:17 PM ) Total Marks: 1
Which of the following particular/s is/are included in payment voucher?
Select correct option:
Name of organization
Cash payment
Date
All of the given options

Question # 8 of 15 ( Start time: 06:22:54 PM ) Total Marks: 1
Cost of goods manufactured + opening finished goods – ending finished goods =?
Select correct option:
Total factory cost
Cost of goods sold
Prime cost
Conversion cost

Question # 9 of 15 ( Start time: 06:24:08 PM ) Total Marks: 1
Which of the following account is normally NOT exists in the balance sheet of the manufacturing concern?
Select correct option:
Work in Process Inventory
Raw Materials Inventory
Merchandise Inventory
Finished Goods Inventory

Question # 10 of 15 ( Start time: 06:24:51 PM ) Total Marks: 1
If cost of sales is Rs. 90,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will be net result?
Select correct option:
Rs. 5,000 Losses
Rs.10, 000 Profits
Rs 1, 95,000 Profits
Rs 1, 95,000 Losses

Question # 11 of 15 ( Start time: 06:25:32 PM ) Total Marks: 1
All the statements are correct about Journal voucher EXCEPT:
Select correct option:
Financial data is picked only from journal vouchers to Journal
These are used to record all transaction other than cash & bank
These are used to make corrections or adjustments to previous Receipt
Format of journal voucher is different from other vouchers

Question # 12 of 15 ( Start time: 06:26:35 PM ) Total Marks: 1
In case of Income and Expenditure account, Excess of income over expenses in a specified accounting period is called:
Select correct option:
Profit
Loss
Surplus
Deficit

Question # 13 of 15 ( Start time: 06:27:08 PM ) Total Marks: 1
The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
Select correct option:
Cash Account & Capital Account
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account

Question # 14 of 15 ( Start time: 06:27:41 PM ) Total Marks: 1
Outsider’s claim against the assets of the business is called:
Select correct option:
Capital
Liability
Expense
Income

Question # 15 of 15 ( Start time: 06:28:25 PM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets 75,500 Owner's equity ? Liabilities 40,200
Select correct option:
Rs. 35,300
Rs. 55,000
Rs. 125,000
Rs. 115,700

Question # 1 of 15 ( Start time: 06:30:56 PM ) Total Marks: 1
What will be debited, if business bought goods on credit from Mr. Ali?
Select correct option:
Purchases account
Mr. Ali account
Cash account
Sales account

Question # 2 of 15 ( Start time: 06:31:56 PM ) Total Marks: 1
In the cost of goods sold statement, the sum of labor cost and the factory over head is known as:
Select correct option:
Conversion cost
Prime cost
Total factory cost
Cost of goods manufactured

Question # 3 of 15 ( Start time: 06:32:36 PM ) Total Marks: 1
Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
Select correct option:
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000

Question # 4 of 15 ( Start time: 06:33:17 PM ) Total Marks: 1
When total liabilities are subtracted from total assets the remaining amount is known as:
Select correct option:
Equity or net assets
Net income or net loss
Total expenses
Total revenue

Question # 5 of 15 ( Start time: 06:33:50 PM ) Total Marks: 1
Which of the following is fiscal Year of Government of Pakistan?
Select correct option:
1st January to 31st December
1st June to 31st May
1st July to 30th June
1st October to 30th September

Question # 6 of 15 ( Start time: 06:34:32 PM ) Total Marks: 1
Which of the following is/are inventory valuation method(s)?
Select correct option:
FIFO
LIFO
Weighted average
All of the given options

Question # 7 of 15 ( Start time: 06:35:04 PM ) Total Marks: 1
The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
Select correct option:
Cash Account & Capital Account
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account

Question # 8 of 15 ( Start time: 06:35:37 PM ) Total Marks: 1
What will be debited, if business purchased Furniture on cash?
Select correct option:
Furniture account
Cash account
Business account
Bank account

Question # 9 of 15 ( Start time: 06:36:09 PM ) Total Marks: 1
Cost of goods manufactured + opening finished goods – ending finished goods =?
Select correct option:
Total factory cost
Cost of goods sold
Prime cost
Conversion cost

Question # 10 of 15 ( Start time: 06:36:51 PM ) Total Marks: 1
Which of the following contents are included in the Cost of goods sold?
Select correct option:
Opening stock
Purchases
Freight in
All of the given options

Question # 11 of 15 ( Start time: 06:37:32 PM ) Total Marks: 1
Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 20,000 Closing written down value (WDV) ?
Select correct option:
Rs. 1,30,000
Rs. 1, 50,000
Rs. 1, 20,000
Rs. 70,000

Question # 12 of 15 ( Start time: 06:38:28 PM ) Total Marks: 1
What will be debited, If Mr. “A” started business with Rs. 2, 00,000.
Select correct option:
Capital account
Cash account
Mr. A’s account
Business account

Question # 13 of 15 ( Start time: 06:39:03 PM ) Total Marks: 1
In cost of goods sold statement the ‘cost of goods manufactured’ is equal to:
Select correct option:
Total factory cost + Opening work in process + Ending work in process
Total factory cost + Opening work in process – Ending work in process
Total factory cost - Opening work in process + Ending work in process
Ending work in process +Total factory cost – Opening work in process

Question # 14 of 15 ( Start time: 06:40:04 PM ) Total Marks: 1
What is nature of Capital account?
Select correct option:
Debit
Credit
Expenses
Loss

Question # 15 of 15 ( Start time: 06:40:34 PM ) Total Marks: 1
The amount charged to depreciation goes on declining in:
Select correct option:
Depreciation fixed method
Annuity method
Written-down value method
Straight line depreciation method

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